From GlobeNewswire: 2024-05-16 11:00:00

The global Vehicle-to-Grid (V2G) Technology Market is projected to grow from USD 3.7 billion in 2023 to USD 123.6 billion by 2033 at a CAGR of 42.03%. V2G technology enables bidirectional power transfer and requires specific charging infrastructure. Manufacturers are integrating V2G capabilities into their electric vehicle models.
EV manufacturers, charging infrastructure providers, and end-users are key players in the V2G market value chain, offering vital services and solutions. Energy management solutions optimize energy use and distribution across EV fleets and grid infrastructure. V2G technology plays a crucial role in ensuring grid stability and reliability.
The commercial segment dominates the V2G market, with businesses benefitting from demand response programs and grid services. Commercial enterprises can improve energy efficiency, reduce peak demand expenses, and generate revenue by leveraging V2G technology. V2G chargers, especially DC systems, offer quick response times and precise control over power output, making them ideal for grid stabilisation applications.
North America is anticipated to lead the V2G market from 2023 to 2033, driven by government incentives, increasing EV adoption, and grid modernization efforts. Asia-Pacific is witnessing rapid market growth due to government incentives, urbanisation, and environmental concerns. The region is investing in V2G infrastructure to enhance grid reliability and flexibility.
Key players in the Global Vehicle-to-Grid (V2G) Technology Market include Nissan Motor Corporation, Mitsubishi Motors Corporation, NUVVE Corporation, ENGIE Group, OVO Energy Ltd, Groupe Renault, Honda Motor Co., Ltd., among others. Recent developments include Toyota and SDG&E testing V2G capabilities with the Toyota bZ4X battery electric vehicle.
The market offers a detailed analysis of key players, product offerings, business strategies, and market share. Global segmentation includes service analysis, application analysis, charger analysis, and regional analysis covering North America, Europe, Asia Pacific, South America, and the Middle East and Africa.



Read more at GlobeNewswire: Global Vehicle-to-Grid (V2G) Technology Market Size To